Earnings Prepared Remarks

News

MOODY’S CORPORATION SECOND QUARTER 2026

EARNINGS CONFERENCE CALL

WEDNESDAY, JULY 22, 2026

ROB FAUBER, NOÉMIE HEULAND, AND SHIVANI KAK

SHIVANI KAK

Hello and thank you for joining us today. I’m Shivani Kak, Head of Investor Relations at Moody’s.

This morning, we reported our second quarter 2026 results. The press release and today’s presentation are posted at ir.moodys.com.

We’ll reference non-GAAP, or adjusted, measures. Please see the tables in our earnings release for reconciliations to U.S. GAAP.

Today’s remarks may include forward-looking statements under the Private Securities Litigation

Reform Act of 1995. Please see the safe harbor language in our earnings release and the Risk

Factors and MD&A in our most recent Form 10-K and other SEC filings, available on our website and the SEC’s website. These factors could cause actual results to differ materially from those expressed or implied.

Members of the media may be listening in on a listen-only basis. With that, I’ll turn it over to Rob.

ROB FAUBER

Thanks, Shivani, and hello, everybody. Thanks for joining us today. I have the dreaded summer cold, so pardon if my voice sounds a little bit gravelly today, but today’s earnings are certainly making me feel much better.

One quick update before we get to the results... in late June we welcomed Christina Kosmowski as

CEO of Moody’s Analytics. Christina brings three decades of experience scaling technology and analytics businesses, and just five weeks in... She is already moving with the pace and focus that

MA’s next chapter demands. I look forward to you all connecting with her soon.

Turning to our results, Moody’s delivered a standout second quarter with strong performance across the board. At the enterprise level, we achieved 15% revenue growth, grew adjusted operating income by 25%, expanded adjusted operating margin by 440 basis points to 55.3%... And grew adjusted diluted EPS by 31% to $4.68. That is a great progression from the top line to the bottom line.

What is most encouraging is not just the strength of the quarter, but how broad based it was.

In Moody’s Investors Service, transaction revenue grew 34%, and we rated more than $2 trillion of debt for the second consecutive quarter. That reflects both the rebound in market activity and the enduring value of Moody’s Ratings in large, complex financing markets, like we have right now. MIS also delivered adjusted operating margin of 68.3%, up 410 basis points from last year.

Moody’s Analytics also continued to perform very well. ARR reached approximately $3.7 billion, up nearly 9% from the prior year, with trailing twelve month retention remaining strong at 95%. MA

1 also expanded adjusted operating margin by 150 basis points to 33.6%. These results reflect the continuing demand for our decision-grade intelligence to help customers manage risk, improve productivity, and make better decisions.

Taken together, I think this was a quarter that demonstrated the power of Moody’s model: a franchise that’s capable of capitalizing on strong issuance activity, durable recurring revenue growth in Analytics, and disciplined execution across the company. We are raising select full year

2026 guidance metrics, including our rated issuance expectations and capital return guidance, and by narrowing our adjusted diluted EPS range, we are increasing the mid-point of our range to $16.75.

More broadly, we continue to believe the trends shaping our business reinforce our long-term opportunity. Capital markets are evolving, risks are becoming more interconnected, and AI is transforming workflows across industries. In that environment, customers are increasingly turning to Moody's intelligence, our ratings, analytics, and insights to make consequential decisions with greater confidence. That is creating meaningful opportunities across our business which we are translating into powerful operating leverage and earnings strength.

Let me turn to Moody's Investors Service.

This past quarter, Ratings delivered 25% revenue growth with broad-based strength across all asset classes.

Global issuance was powered by the multiple funding deep currents we have highlighted over the last few years, and, reflecting this, we upgraded our issuance growth outlook to mid-single-digit percent growth for the full year.

This quarter really showcased a real breadth of funding drivers, including refinancing, AI-related investment, private credit, digital finance, energy transition, and emerging markets. Our comprehensive global coverage and very deep, targeted sector expertise really allowed us to capitalize on these drivers.

Let me give you a few examples from the quarter to bring these to life for you.

Starting with AI and data center financing, a topic that’s dominating the headlines—but only one of several powerful drivers supporting issuance growth.

Beacon Point DC is a very good example of the large data center transactions we are rating across the U.S.—a roughly $4 billion financing for a 350-megawatt hyperscale campus developed by Hut

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More importantly, it illustrates how AI is becoming one of the largest capital formation stories in the global economy. It’s creating financing needs that extend well beyond data centers into power, infrastructure and other sectors, and supporting what we believe is a sustained pipeline of issuance activity.

In fact, hyperscalers have already exceeded our 2026 forecast for issuance and issued more debt this year than in the last three years combined. And the opportunity extends well beyond hyperscalers—to construction, power, hardware, chips, and the broader infrastructure required to support AI at scale. Hyperscaler capex alone is expected to approach $800 billion in 2026 and grow meaningfully again in 2027.

And even excluding AI data center and hyperscaler activity, issuance still grew double digits year- to-date. In the second quarter, of the issuances over $5 billion, approximately 20% were tied to AI-

2 related investment and supporting infrastructure—that means that the other 80% was very well diversified across a range of sectors.

Private credit is another important tailwind, with more than 40% growth in private credit-related transactions including Structured Finance mandates versus the second quarter of last year. And more than 110 new First Time Mandates this quarter as investors and issuers demand more analytical rigor, transparency, and independent insight.

In digital finance, our leadership and trust earned Moody’s Ratings the distinction as Best Digital

Asset Ratings & Analytics Provider this quarter. We are the first rating agency to deliver ratings on- chain, and now we extended our Token Integration Engine to Solana through Alphaledger— embedding our ratings directly into tokenized fixed-income assets on a leading public blockchain.

We’ve been building on our Canton deployment. This reinforces our network-agnostic design— bringing independent credit insights to where markets transact. We have rated double-digit digital issuances globally this year, and while it is early, we are encouraged by the green shoots as we have more transactions in the pipeline than we have rated year-to-date.

We also recently rated BlackRock’s tokenized money market fund—the world’s largest at $2.6 billion market cap—a cornerstone of the tokenized liquidity stack as a stablecoin reserve and on- chain cash entry point.

We are also a critical rating partner to innovative transactions in the emerging markets. This quarter, we rated a second emerging-market CLO from the International Finance Corporation, similar to the one called out on our third quarter 2025 call. We were again the sole agency on this unique transaction, which securitized corporate loans to borrowers in emerging markets—helping the IFC and other multilateral development banks broaden access to institutional capital and mobilize more private-sector investment.

I am also happy to share we marked our re-entry into the insurance-linked securities market in the second quarter. We served as both credit rating agency and modeling agent on a €100 million flood- risk cat bond. This exemplifies our “One Moody’s” strategy in action—combining ratings and catastrophe modeling expertise to play a critical role in addressing the insurance protection gap, which we recently estimated at $375 billion and by some estimates could be as high as a trillion dollars. Like the other areas that I spotlighted, we are building pipeline here as well.

And in Africa, where we own the largest rating agency on the continent, we were pleased to celebrate 30 years in the region this quarter—so a shout-out to all of our colleagues there who are playing an important role in Africa developing the growing debt capital markets.

Taken together, these examples reinforce the same point: Moody’s plays a critical role in global capital formation, and we continue to be exceptionally well-positioned to monetize the massive funding deep currents around the world.

Turning to Analytics, ARR grew nearly 9% reflecting strong second quarter execution and we are maintaining our high-single-digit ARR growth outlook for the year.

We are embedding trusted, decision-grade intelligence directly into high-stakes customer workflows —lending, underwriting, compliance, and more. That’s our sweet spot—at the intersection of speed, trust, explainability, and auditability.

During the second quarter, we made further progress in broadening how customers access

Moody’s intelligence and how deeply it is woven into their mission-critical, day-to-day workflows.

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With Amazon, we brought Moody’s connected intelligence directly into Amazon Quick giving AWS customers access to our ratings, research, and curated data on hundreds of millions of public and private entities without requiring users to leave Amazon’s AI experience.

This quarter, we announced our sunset timeline for our on-prem modeling solutions in Insurance, which means we plan for our remaining customers to migrate to our cloud-based Intelligent Risk

Platform over the next several years. To further support this migration, we partnered with AWS to add the IRP to our AWS Marketplace catalog – that enables our migrating customers to count their

IRP spend towards their AWS cloud commit.

With Microsoft, we launched our first AI Skill on Microsoft 365 Copilot Cowork, that enables agents to apply Moody's analytical frameworks and subject matter expertise — not just retrieve content.

Joint go-to-market activity is building momentum, with more than 20 engagements globally and initial customer trials underway.

We now also have more than 100 MCP and Smart API connections being used and trialed by our customers, which is an encouraging signal of demand for our trusted intelligence delivered through

AI platforms.

Together, these integrations let customers spend less time questioning output and more time acting on it—while giving the industry the intelligence infrastructure to accelerate enterprise adoption.

Our massive company data estate now covers more than 630 million entities, and our proprietary ownership linkages remain one of the most heavily used datasets in KYC and across the company.

That data advantage is translating into growth in KYC and Compliance use cases, helping customers reduce unnecessary screening alerts. To that end, our AI-powered screening solutions are helping drive an approximately 50% reduction in costly and time-consuming false positive alerts. Our customers are making high-stakes decisions that have little to no margin for error, which is why good enough data is not good enough for these use cases.

A recent competitive win in EMEA shows our strategy at work: at a Global Fortune 500 home appliance maker, we displaced an established incumbent—it wasn’t just with one point solution for credit decisioning, but we brought together our company data, credit models, and intelligent screening for broader third-party risk management.

Back in June, I attended Exceedance, our flagship Insurance event, and it drew record attendance of more than 600 leaders across property and casualty insurance sector. We announced further enhancements to our cloud-based IRP including our Risk Data Lake, more high-definition models and new agentic AI capabilities plus the extension of our casualty solutions. And I came away feeling very encouraged by our position and opportunity with the global insurance industry. I want to share a few recent proof points.

First, our new capabilities enabled us to grow ARR by nearly 60% with a top 3 U.S. auto and property insurer. This win reflects strong demand for our geospatial AI integration into property underwriting and broader adoption across personal and business lines, along with continued volume growth. This is a particularly important win because it is going to be a lighthouse customer that will support further expansion into the primary carrier market, where historically we’ve had less penetration.

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Second, we expanded our relationship with one of the top insurers and reinsurers in the Lloyd’s of

London market. We deepened our penetration into their workflows including data preparation, pricing, and regulatory reporting, enabling us to grow ARR by 12% off of a multi-million-dollar base.

Third, in APAC, we more than doubled ARR with one of the world’s largest life insurance and financial services groups. This insurer now uses our Credit Value at Risk framework as part of their investment and risk decisioning, supported by our credit models and Economic Scenarios, and it is a great example of how we are helping leading insurers connect credit, macroeconomic, and portfolio risk intelligence across their institutions.

Turning to banking, I also recently joined more than 400 customers at our annual Banking Summit.

REFORM ACT OF 1995

Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody’s business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward- looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody’s undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the “safe harbor” provisions of the Private Securities Litigation

Reform Act of 1995, Moody’s is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to: the uncertain effects of U.S. and foreign government actions affecting international trade and economic policy, including changes and volatility in tariffs and trade policies and retaliatory actions, on credit markets, customers and customer retention, and demand for our products and services; the impact of general economic conditions (including significant government debt and deficit levels, and inflation or recessions and related monetary policy actions by governments in response thereto) on worldwide credit markets and on economic activity, including on the level of merger and acquisition activity, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effects of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the impact of geopolitical events and actions, such as the Russia-Ukraine military conflict, military conflicts in the Middle East, and tensions between India and Pakistan, and of tensions and disputes in political and global relations, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide and on Moody’s own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the impact of MIS’s withdrawal of its credit ratings on countries or entities within countries and of Moody’s no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the jurisdictions in which we operate, including the EU; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody’s may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the

10 liability standards applicable to CRAs in a manner adverse to CRAs; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs; currency and foreign exchange volatility; the outcome of any review by tax authorities of Moody’s global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody’s fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody’s operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, or other business combinations and the ability of Moody’s to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions, corporate or government entities. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of Moody’s annual report on Form 10-K for the year ended December 31, 2025, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein.

Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company’s business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the

Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company’s filings with the

Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.

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